Vietnam’s economy set to grow 6.6-6.8% this year: Party chief

The Hanoitimes – The Party chief has boasted of results of the ongoing anti-corruption campaign. All the 12 socio-economic goals set for Vietnam this year are likely to be met or beaten, with the economy poised to expand 6.6-6.8%, reaching US$240.5 billion at the year-end, General Secretary of the ruling Communist Party Nguyen Phu Trong said last weekend. General Secretary of the ruling Communist Party Nguyen Phu Trong speaks at recently-concluded Central Committee plenum. Photo: Nhat Bac/VGP “Growth quality has been increasingly improved. Macro-economic fundamentals have remained stable. Inflation has been controlled, with consumer prices continuing to grow less than 4%,” the Party chief said at his closing remarks of the eighth plenum of the Central Committee. The country’s GDP advanced 6.98% in the first three quarters this year, and the consumer price index (CPI) rose by 3.57% in the period, according to official data. He went on to say that financial and budgetary discipline has been strengthened. Fiscal deficit is set to reach 3.67% of GDP and public debt as per GDP has been sliding away from the ceiling stipulated by the parliament. The country’s exports are projected to increase 11.2% this year to reach US$238 billion, helping to bring about a US$3-plus billion trade surplus, Trong added. “The fight against corruption and waste has well advanced, yielding remarkable results and being welcomed by cadre, party members and the people,” he said. The party chief has quickly consolidated power since the 12th Party Congress in January 2016, and… [Read full story]